Levittown, Pennsylvania, 5 January 2023: The Growing Industrial Hemp Market Size is a hot topic in the business world. Hemp is a versatile crop that has many uses, and its popularity is on the rise. This market has been in the news for a few years, and business owners understand its use. As the industrial hemp market grows, it's essential to understand the potential this industry has to offer. With its many applications, industrial hemp is a valuable resource that can be used to create a variety of products. As the market grows, so too will the opportunities for businesses and consumers alike. This report will throw some light on the growth rate of the hemp industry and some product insights of a CBD store near you.

Stats

We'll start this report with some stats - the global industrial hemp market size was recorded at USD 4.13 billion in 2021. According to experts, it is growing at a CAGR of 16.8% and might reach a good number by 2030. The main factor behind the growth is the demand for hemp in various industries like food & beverage, personal care, and animal care. Unfortunately, the growth has been limited due to the COVID-19 pandemic, which put a decline in many manufacturing activities. Fortunately, the recovery rate has also been good, which is why the market is growing at a steady rate.

Product Insights

According to the experts, the requirement for hemp seeds is clearly visible in the food and nutraceutical markets. Today, you'll find CBD in oil, shampoos, lotions, soaps, bath gels, and other cosmetic products. In addition, CBD is also used in medical and therapeutic products that have played a vital role in the increasing demand for CBD oil and other products. Hemp fibers are also used in making paper, various carpeting tasks, construction, insulation, and manufacturing of automotive parts. Surprisingly, the textile application took about 24% of the total share of the market size. After the adverse effects of COVID-19, people are more focused on their health issues and want to buy the right bedding items.CBD is resistant to U.V. light, mold, and mildew, making it a vital ingredient in textiles.

Consumption as per the Region

The highest demand for industrial hemp was recorded from the Asia Pacific region, which consumes about 32% share of the total market revenue. The major countries in the Asia Pacific region where the consumption of industrial hemp is high include China, India, New Zealand, Thailand, and Australia. You'll find everything in the Asia Pacific region, from well-reputed sellers to mini-online stores.

Wrapping Up

So, this is all you need to know about the demand for industrial hemp, the products where it has been used, and some specific regions where its demand is high. J.J.'s Hemp Dispensary is one of the reliable online stores where you can get top-quality hemp products like CBD vape pens, Delta-8 gummies, Hookas, and more. Every product we provide is third-party lab tested, C.O.A. certified, and entirely safe for human consumption. To know more about us, please visit https://jjhempdispensary.com.

Find Us:

JJ's Hemp Dispensary

366 second street pike

Southampton, PA, United States